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^ _ FEPBRffli*RESERVE statistical release ••f^umtH.3 (502) For Immediate Release Table 1 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS MARCH Average of daily figures Reserves of depository institutions^ total 2 Period nonborrowed Monetary base 3 required total millions of dollars 3 0 , 1981 Member bank deposits subject to reserve requirements private demand deposits U.S. time and government net other savings total interbank demand billions of dollars seasonal I vf adjusted 1980—JAN. FEB. MAE. APR. MAY JUNE JULY AUG. SEPT. OCT. P NOV. ? DEC. P 43,442 43,350 43,669 44,846 44,446 43,959 42,781 40,749 41,517 41,727 41,227 40,131 42,201 41,695 40,846 42,391 43,427 43,580 42,386 40,090 40,206 40,417 39,168 38,441 43,192 43,139 43,483 44,649 44,268 43,756 42,497 40,447 41,262 41,521 40,730 39,579 1981—JAN. FEB. 40,099 39,758 38,704 38,454 P P P P 39,977 39,168 40,130 39,430 4 p 40,739 39,884 40,254 P P 156.7 157.9 158.6 159.0 158.8 158.2 159.5 160.9 160.7 159.8 644.1 647.2 649.1 655.4 656.8 658.0 658.5 667.8 678.2 684.7 694.3 701.8 452.3 454.4 457.9 464.2 467.7 467.9 467.0 474.2 482.0 486.7 494.0 504.0 189.5 190.9 189.4 188.7 187.3 188.4 189.1 191.5 194.5 195.6 198.1 196.0 13.6 14.5 15.6 17.2 17.1 16.9 16.6 14.4 15.9 16.5 17.4 17.5 176.0 176.4 173.9 171.5 170.2 171.5 172-5 177.1 178.6 179.1 180.7 178.4 2.3 1.9 1.8 2.4 1. 8 1.7 2.5 2.1 1.8 2.4 2.2 1.9 39,555 39,575 160.1 160.6 703.8 704.3 517.4 523.3 184.1 178.9 16.9 17.8 167.1 161.1 2.3 2.1 38,776 38,055 38,985 37,717 39,749 38,998 39,832 39,595 160.4 159.5 161.2 160.7 704.8 704.0 704.8 704.1 522.6 523.5 522.7 524.5 179.9 178.6 179.7 177.7 18.1 16.9 18.4 17.7 161.8 161.7 161.4 160.0 2.3 1.9 2.4 1.9 39,440 39,116 39,480 40,042 39,665 39,911 162.0 160.7 161.7 704.6 704.2 704.3 524.6 524.0 525.3 177.8 177.9 176.4 18.0 17.9 17.9 159.8 160.0 158.5 2.2 2.4 2.6 2. 1 1.8 1.9 2. 6 1.7 2.3 2.2 1.7 2. 1 2. 1 1.9 2.1 154.7 155.6 WEEK ENDING: 1981—FEB. 4 11 18 25 :IAR. 11 P 18 P not seasonally adjusted 1980—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. P NOV. P DEC. P 45,179 43,177 43,096 44,880 43,963 43,472 42,859 40,373 41,164 41,704 41,221 40,619 43,938 41,522 40,273 42,425 | 42,945 43,092 42,464 39,715 39,852 40,394 39,161 38,929 44,928 ! 42,966 42,910 I 44,683 43,785 43,268 42,575 40,071 40,908 41,498 40,723 40,067 155.9 154.0 154.9 157.5 157.8 158.6 159.6 158.0 159.0 160.6 161.5 162.5 652.5 643.9 648.0 657.7 651.5 656.9 658.2 662.5 675.6 684.2 694.6 710.3 455.0 455.8 460.6 464.7 467.7 467.4 466.0 471.8 479.6 485.7 493.0 505.0 195.4 186.2 185.5 190.4 182.1 187.2 190.0 189.0 193.9 196.4 199.6 203.2 14.5 14.3 15.2 16.8 16.2 16.6 16.8 14.2 15.8 16.5 18.0 18.2 180.9 172.0 170.4 173.6 165.9 170.6 173.2 174.8 178. 1 179.8 181.6 185.0 1981—JAN. FEB. 41,569 39,631 40,175 38,327 41,025 39,448 161.0 158.9 712.6 701.5 520.5 524.8 189.9 174.6 18.1 17.5 171.8 157.0 2. 1 2.0 P P P P 40,449 39,096 40,058 39,037 39,248 37,983 38,913 37,324 40,221 38,926 39,760 39,202 159.0 158.8 160.0 157.7 704.5 702.1 701.8 698.3 523.6 525.1 524.2 525.6 178.6 175.2 175.3 170.8 18.1 16.7 18.0 17.2 160.5 158.5 157.3 153.6 ' 2.3 1.8 2.2 2.0 4 ? 11 P 18 P 40,176 39,087 39,834 38,877 38,319 39,060 39,479 38,868 j 39,491 159.5 159.6 160.3 702.1 702.4 705.2 525.7 526.1 528.5 174.5 174.5 173.6 18.0 17.3 17.3 156.4 157.1 156.3 2.0 1.9 3. 1 P ? ! WEEK ENDING: 1981—FEB. MAR. 4 11 18 25 9ee reverse srde for explanation of footnotes. I | i j I H3 Table 2 AGGREGATE RESERVES AND MONETARY BASE Adjusted for changes in reserve requirements 4 Averages of daily figures Reserves of depository institutions required Period total 2 ~1 non borrowed millions of dollars seasonally adjusted Monetary base --* 1billions of dollars Reserves of depository institutions total 2 I non borrowed required millions of dollars not seasonally adjusted Monetary base 3 billions of dollars 1980 — JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. P NOV. 5 P DEC. P 37,470 37,399 37,477 37,516 37,485 37,461 37,570 38,050 38,725 38,894 40,057 40,110 36,229 35,744 34,653 35,061 3b,467 37,081 37,176 37,392 37,414 37,583 37,997 38,420 37,219 37,188 37,291 37,319 37,307 37,257 37,286 37,749 38,470 38,687 39,559 39,558 147.8 148.8 149.6 149.7 150.7 151.6 152.7 154.6 155.8 157.2 159.1 159.8 39,054 37,202 36,919 37,533 37,062 37,007 37,665 37,706 38,401 38,876 40,056 40,598 37,813 35,547 34,096 35,077 36,043 36,628 37,270 37,048 37,090 37,565 37,997 38,908 38,803 36,991 36,733 37,336 36,884 36,804 37,381 37,405 38,146 38,669 39,558 40,045 148.9 147.1 147.8 149.3 150.0 151.2 153.5 154.5 155.3 156.9 160.0 162.5 1981--JAN. FEB. 40,078 39,588 38,683 38,284 39,534 39,405 160.1 160.4 41,548 39,461 40,154 38,157 41,004 39,278 161.0 158.8 P P P P 39,956 39,147 39,864 39,164 38,755 38,034 38,719 37,451 39,728 38,977 39,566 39,329 160.4 159.5 160.9 160.4 40,428 39,075 39,792 38,771 39,227 37,962 38,647 37,058 40,200 38,905 39,494 38,936 159.0 158.8 159.7 157.4 4 P 11 P 18 P 40,473 39,618 39,988 39,174 38,850 39,214 39,776 39,399 39,645 161.7 160.4 161.4 39,910 38,821 39,568 38,611 38,053 38,794 39,213 38,602 39,225 159.3 159.4 160.0 P P WEEK ENDING: 1981 — F E B . MAR. 4 11 18 25 P - PRELIMINARY 1/ RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH NO ADJUSTMENT 10 ELIMINATE THE EFFECT OF CHANGES IN REGULATIONS D AND K. PRIOR TO NOVEMBER 13, 1980, THE DATE OF IMPLEMENTATION OF THE MONETARY CONTROL ACT, ONLY THE RESERVES OF COMMERCIAL BANKS THAT WERE MEMBERS OF THE FEDERAL RESERVE SYSTEM WERE INCLUDED IN THE SERIES. SINCE THAT DATE- THE SERIES INCLUDE THE RESERVES OF ALL DEPOSITORY INSTITUTIONS. IN CONJUNCTION WITH THE IMPLEMENTATION OF THE ACT, REQUIRED RESERVES OF MEMBER BANKS WERE REDUCED ABOUT $4.3 BILLION AND REQUIRED RESERVES OF OTHER DEPOSITORY INSTITUTIONS WERE INCREASED ABOUT $1.4 BILLION. ALSO IN CONJUNCTION hllH THE MONETARY CONTROL ACT, REQUIRED RESERVES OF CERTAIN NONMEMBER BANKS AND FOREIGN-RELATED INSTITUTIONS INCREASED BY APPROXIMATELY $245 MILLION EFFECTIVE FEBRUARY 18, 1981 PURSUANT TO THE TRANSITIONAL PHASE-IN PROGRAM. EFFECTIVE OCTOBER 11, 1979, AN 8 PERCENTAGE POINT MARGINAL RESERVE PEQUIREMENT WAS IMPOSED ON "MANAGED LIABILITIES". THIS ACTION RAISED REQUIRED RESERVES ABOUT $320 MILLION. EFFECTIVE MARCH 12, 1980, THE 8 PERCENTAGE POINT MARGINAL RESERVE REQUIREMENT WAS RAISED TO 10 PERCENTAGE POINTS. IN ADDITION THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS REDUCED. THIS ACTION INCREASED REQUIRED RESERVES ABOUT $1.7 BILLION IN THE WEEK ENDING APRIL 2, 1980. EFFECTIVE MAY 29, 1980, THE MARGINAL RESERVE REQUIREMENT WAS REDUCED FROM 10 TO 5 PERCENTAGE POINTS AND THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS RAISED. THIS ACTION REDUCED REQUIRED RESERVES ABOUT $980 MILLION IN THE WEEK ENDING JUNE 18, 1980. EFFECTIVE JULY 24, 1980, THE 5 PERCENT MARGINAL RESERVE REQUIREMENT ON MANAGED LIABILITIES AND THE 2 PERCENT SUPPLEMENTARY RESERVE REQUIREMENT AGAINST LARGE TIME DEPOSITS WERE REMOVED. THESE ACTIONS REDUCED REQUIRED RESERVES ABOUT $3.2 BILLION. 2/ RESERVE BALANCES fclTH FEDERAL RESERVE BANKS PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. 3/ INCLUDES RESERVE BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIEF USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY INSTITUTIONS PLUS CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS. 4/ RESEFVE AGGREGATES SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, MARGINAL RESERVE REQUIREMENTS, THE INCLUSION OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATIONS D AND K. PRIOR TO FEBRUARY 18, 1981, RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED HISTORICALLY TO CONFORM TO THE STRUCTURE OF RESERVE REQUIREMENTS CURRENTLY IN EFFECT. BEGINNING FEBRUARY 18, THE SERIES HAVE BEEN ADJUSTED TO REMOVE THE EIFECTS OF SCHEDULED TRANSITIONAL CHANGES IN RESERVE REQUIREMENTS UNDER THE MCA. 5/ RESERVE MEASURES FOR NOVEMBER REFLECI INCREASES IN REQUIRED RESERVES ASSOCIATED WITH THE REDUCTION OF WEEKEND AVOIDANCE ACTIVITIES OF A FEW LARGE BANKS. THE REDUCTION IN THESE ACTIVITIES LEADS TC ESSENTIALLY A ONE-TIME INCREASE IN THE AVERAGE LEVEL OF REQUIRED RESERVES THAT NEED TO BE HELD FOR A GIVEN LEVEL OF DEPOSITS ENTERING THE MONEY SUPPLY. IN NOVEMBER, THIS INCREASE IN REQUIRED RESERVES IS ESTIMATED AT $550 TO $600 MILLION. NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, bOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM, fcASHINGION, D.C., 20551.
@FedFRASER